Good to see people finally realising the risk involved with IDC...

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Ryan1

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02/10/14

09:50

Post #: 14062337
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Originally posted by noobofwallstreet ↑

Because DM and co. aren't spruiking the company enough. Below are a few snippets from the Annual Report which DM mustn't take notice of.

On 6 February 2014, the Company entered into a secured loan agreement with Aude Holdings Pty Ltd as trustees for Lastours Investment Trust to borrow $ 1,500,000 secured against a fixed and floating charge over the assets of the Company and at an interest rate of 60% calculated daily. In the event of default, the interest would increase to 80% per annum calculated daily . The loan was repayable in full by 31 May 2014 . The Company was unable to repay the loan by 31 May 2014 and as at reporting date it was in default and being charged interest at the rate of 80% from the date of default. On 14 May and 3 June 2014, the Company was served default notices Subsequent to year end and on 6 July, the Company entered into Deed of Acknowledgement and Variation with the secured lender Aude Holdings Pty Ltd as trustees for Lastours Investment Trust under which the secured lender has waived the breaches which resulted in default notices on 14 May and 3 June 2014, reset the interest to 25% per annum, extended the expiry date to 31 December 2014 and has provided an additional facility of $ 1.15 million.

The ability of the company and consolidated entity to continue as going concerns is dependent on a number of factors, the most significant of which is continued support of its creditors and the ability to source sufficient capital to repay existing creditors and fund its future exploration and operational activities . These factors indicate significant uncertainty as to whether the company and consolidated entity will continue as going concerns and therefore whether they will realise their assets and extinguish their liabilities in the normal course of business and at the amounts stated in the financial report.

IDC was essentially trading insolvent as noted above. Also they have current liabilties of $9.5m as per the balance sheet in the Annual Report. Goodluck raising enough cash to repay those liabilties and complete, let alone start an adit.

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Good to see people finally realising the risk involved with IDC it’s been close to administration a number of times and its likely it will default very soon, I do still hold a small parcel, just in case a miracle occurs.

IDC Price at posting: 1.9¢ Sentiment: Hold Disclosure: Held
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Good to see people finally realising the risk involved with IDC...

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